Publication Date: June 2003
Bulletin ID: DLB-03-20
Summary: Master Promissory Notes for Subsidized/Unsubsidized Loans for 2003-2004
Posted on 06-10-2003
June 2003
DLB-03-20
Subject: Master Promissory Notes for Subsidized/Unsubsidized Loans for 2003-2004
Dear Partner:
Last fall, the Office of Management and Budget approved a revised version of the Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN) with an expiration date of October 31, 2005. As we noted in DLB-02-29, our intent was that the revised MPN would be used beginning with the 2003-2004 award year for any loans for which a new MPN was required, and the previous version of the MPN (expiration date August 31, 2002) would only be used to process “late” 2002-2003 loans after the start of 2003-2004. Unfortunately, our intended supply of paper MPNs with the October 31, 2005 expiration date was not ready in time for you to use them when you began processing for the 2003-2004 award year. As a result, we have been accepting either the MPN with the August 31, 2002 expiration date or the MPN with the October 31, 2005 expiration date for subsidized/unsubsidized loans for any award year.
Effective July 1, 2003, COD will no longer accept the MPN with the expiration date of August 31, 2002 for subsidized/unsubsidized loans for any award year. Any MPN submitted to COD on or after July 1, 2003 must be the version with the expiration date of October 31, 2005, regardless of the award year of the loan. This MPN is available on the Direct Loan website, on IFAP, or through the COD School Relations Center.
If you have any questions about this bulletin, please contact COD School Relations at 800/848-0978 or email codsupport@acs-inc.com. Thank you for your ongoing partnership in the Direct Loan Program.
Sincerely,